Bitcoin ATMs ready to chuck out currency, but only in Canada for now

From the internet to Canada

Normally stored virtually, Bitcoin is making its way into your physical wallet soon. That is, if you live up north.

Bitcoin ATMs, which are actually built by Nevada company Robotcoin, will begin making their way across Canada with the first Bitcoin ATM opening for business on October 29.

Mitchell Demeter, co-founder of Vancouver-based Bitcoiniacs (a Bitcoin trading company), and two friends paid $18,500 (about £11,469/AU$19,311) each for five ATMs they plan to set up throughout the country.

Demeter and his partners envisioned setting up Bitcoin exchanges across Canada but upon learning of the ATMs, decided to opt for the simpler, automated service.

Bitcoin biometrics

To get your hands on some Bitcoins, you'll need to do a biometric scan of your palm to prevent hefty transactions to keep in order with Canada's anti-money laundering laws.

Hand over my coins please

The machine then trades your Canadian dollars on the country's VirtEx exchange, filling your online wallet with Bitcoins, or vice versa.

Demeter doesn't seem all too sure about how the Canadian government feels towards the machines but has complied with all the rules and so far, hasn't received any slaps on the wrist from regulators.

It's unclear if Robotcoin ATMs will see the light of day elsewhere, considering countries like the US have strict regulations with the growing internet currency - meaning for now, the rest of the world will have to stick to the web for Bitcoins.